Global tungsten producer Almonty Industries moves home base to US

Almonty Industries (Nasdaq: ALM) (TSX, ASX: AII) announced Tuesday the relocation of its corporate headquarters from Toronto, Ontario, to Dillon, Montana.

Almonty, the largest tungsten mining company in the world outside of China, brought the Sangdong mine in South Korea back into production in March after more than 30 years, with material bound for US markets.

The relocation, the company said, reflects its commitment to becoming the leading US-aligned tungsten producer and positions it closer to key stakeholders, government agencies, defense contractors and industrial partners.

The move follows Almonty’s July 2025 Nasdaq listing and $90 million oversubscribed IPO, a $129 million follow-on financing, and the acquisition of the Gentung tungsten project in Montana, which the company said is expected to restart production this year.

Almonty announced in October 2025 it bought the Gentung-Browns Lake project, which was formerly operated by Union Carbide Corp., without identifying the seller.

Subject to obtaining an extraction permit, Almonty said it could restart mining there as soon as late-2026 using reconditioned equipment from its facilities in Spain. Water rights and pipes are already in place.

Almonty is joining the US push to reduce its reliance on China for the super-dense niche metal used in armor-piercing munitions as part of a broader push for critical-mineral independence.

President Donald Trump has exempted tungsten from his country-based tariffs given the US ceased commercial production a decade ago amid falling prices.

“Relocating our headquarters to the United States is not merely symbolic. It reflects who we are – as Montana is the location of our recently acquired Gentung tungsten project – and where our future lies,” Almonty CEO Lewis Black said in a news release.

“Our investors, customers and strategic partners are here because they recognize the urgency of building a Western tungsten supply chain free from Chinese dependence,” Black added.

“With Sangdong Phase 1 complete and Gentung on track to begin production, we are delivering on that mission, and a US home base ensures we remain at the center of it.”